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Report Date : |
25.01.2013 |
IDENTIFICATION DETAILS
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Name : |
AL SAFWA TRADING |
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Registered Office : |
10th Quarter, Building No. 12, 8th
Floor 28 Ahmed Al Zomer Street Nasr City Cairo |
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Country : |
Egypt |
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Financials (as on) : |
31.12.2011 |
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Year of Incorporation : |
1992 |
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Com. Reg. No.: |
45050 |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Distributors of textiles |
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No. of Employees : |
12 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
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Egypt |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
EGYPT - ECONOMIC OVERVIEW
Occupying the northeast corner of the African continent, Egypt is bisected by the highly fertile Nile valley, where most economic activity takes place. Egypt's economy was highly centralized during the rule of former President Gamal Abdel NASSER but opened up considerably under former Presidents Anwar EL-SADAT and Mohamed Hosni MUBARAK. Cairo from 2004 to 2008 aggressively pursued economic reforms to attract foreign investment and facilitate GDP growth. Despite the relatively high levels of economic growth in recent years, living conditions for the average Egyptian remained poor and contributed to public discontent. After unrest erupted in January 2011, the Egyptian Government drastically increased social spending to address public dissatisfaction, but political uncertainty at the same time caused economic growth to slow significantly, reducing the government's revenues. Tourism, manufacturing, and construction are among the hardest hit sectors of the Egyptian economy, and economic growth is likely to remain slow at least through 2012. The government is utilizing foreign exchange reserves to support the Egyptian pound and Egypt may seek a loan from the International Monetary Fund.
Source
: CIA
Company Name : AL SAFWA TRADING
Country of Origin : Egypt
Legal Form : Sole Proprietorship
Registration Date : 1992
Commercial Registration Number : 45050
Invested Capital : £E 60,000
Total Workforce : 12
Activities : Distributors of textiles.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Abdulrahman Mahmoud Taha, Assistant General Manager
AL SAFWA TRADING
Building : 10th Quarter, Building No. 12, 8th Floor
Street : 28 Ahmed Al Zomer Street
Area : Nasr City
Town : Cairo
Country : Egypt
Mobile : (20-122) 3157430 / (20-100) 9724000
Email : mahmoudalytaha@gmail.com
Subject operates from a small suite of offices that are rented and
located in the Central Business Area of Cairo.
Branch Office (s)
Location Description
· El Ahlam Tower, 3rd Floor, Room No. 8 Office
premises
PO Box: 732
El Tameer Street
Port Said
Tel: (20-66) 3720120
Fax: (20-66) 3731666
Name Position
· Mahmoud Ali Taha Proprietor
& General Manager
· Abdulrahman Mahmoud Taha Assistant
General Manager
· Khalid Aoun Sales
Manager
Date of
Establishment : 1992
Legal Form : Sole
Proprietorship
Commercial Reg.
No. : 45050
Invested Capital : £E 60,000
Mr Mahmoud Ali Taha is the sole
proprietor of the business.
Activities: Engaged in the import and distribution of textiles, including silk and
cotton.
Import Countries: Europe and the Far East.
Operating Trend: Steady
Subject has a workforce of 12 employees.
Financial highlights provided by local sources are given below:
Currency: Egyptian Pound (£E)
Year
Ending 31/12/10: Year Ending
31/12/11:
Total Sales £E
9,220,000 £E
9,570,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
·
Commercial International Bank (CIB)
Nile Tower Building
21-23 Giza Street
PO Box: 2430
Cairo
Tel: (20-2) 25703043
Fax: (20-2) 25703172 / 25072691
·
Societe Arabe International De Banque
Shohada Branch
Orbay and
El-Negila Street
Port Said
Tel: (20-66)
3237604
Fax: (20-66)
3230714
No complaints regarding subject’s payments have been reported.
During the course of this investigation nothing detrimental was
uncovered regarding subject’s operating history or the manner in which payments
are fulfilled. As such the business is considered to be a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.85 |
|
|
1 |
Rs.85.25 |
|
Euro |
1 |
Rs.71.72 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
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56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
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11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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-- |
NB |
New Business |
-- |
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is calculated
from a composite of weighted scores obtained from each of the major sections of
this report. The assessed factors and their relative weights (as indicated
through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment record
(10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.